Digital efficiency in commodity trading
Mineral and fossil raw materials and fuels, such as stones, sand, gravel, natural gas, petroleum and coal, peat and slags, as well as rare earths, gemstones, salts and minerals are the goods of this industry. Germany, Austria and Switzerland are major importers here, but also act as exporters and suppliers to domestic markets. The commodities sector is therefore a key industry in the DACH region, just as important as the major automotive and mechanical engineering industries.
Blockchains for better traceability of commodity extraction as well as faster transactions are playing an increasingly important role, as are data-based tools in logistics and human resources.
Digitalization has fundamentally changed the way commodities are traded. Many companies in commodity trading have already started to use digital technologies to make their business processes more efficient and transparent.
Solutions and implementation options for digitization in commodity trading
In the following, we provide an overview of the implementation options and solutions for digitization in commodity trading:
Application examples of digitization in commodity trading
We show you how your company can benefit from this development.
Increased efficiency through automation
A commodity trading company has automated its trade deals and delivery processing. This has enabled it to save time and costs and increase the efficiency of its business processes.
Improved transparency through blockchain technology
A commodity trading company implemented blockchain technology to track and verify the origin of its raw materials. This has enabled it to improve transparency in its supply chain and strengthen the trust of its customers.
Smart Contracts
These are digital contracts based on blockchain technology. They offer the possibility of creating and executing contracts automatically without the need for human interaction. This leads to faster, more efficient and cost-effective processing of transactions in commodity trading.
Conclusion
In summary, digitalization in commodity trading offers enormous potential to optimize business processes, increase efficiency and make informed decisions based on data and analytics. From automating business processes to leveraging blockchain technology and data analytics, there are many opportunities for companies in commodity trading to take advantage of digitalization and remain competitive.
